City’s Joules store ‘saved’ in Next deal

NOTTINGHAM’S Joules store on Bridlesmith Gate appears to have been saved as part of a nationwide rescue deal involving Next.

Joules went into administration last month, blaming cost-of-living pressures and the ongoing impact of the Covid pandemic.

But Next, along with Joules founder Tom Joule, has now announced a deal which means that 100 Joules stores will remain open - including Nottingham. Nineteen stores will still close under the deal, which comes into effect on Thursday.

Mr Joule said: “I’m so pleased that we have been able to strike a deal that protects the future of the company for all its loyal customers and its employees.”

A total of 1,450 jobs have been saved by the rescue deal, which will entail Next owning 74 percent and Mr Joule owning the rest.

Will Wright, joint administrator and head of restructuring at Interpath, said: “We are pleased to have concluded this transaction, which secures the future of this great British brand, as well as safeguarding a significant number of jobs.”